Treasury note

91282CEB3 · 1.875% due February 28, 2029

Original term
7-Year
Maturity
Feb 28, 2029
Coupon
1.875%
Pays
Semi-Annual
Dated
Feb 28, 2022
First coupon
Aug 31, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$57.01bn
Held stripped
$59.2m
Share stripped
0.10%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.479%
Modified duration
2.372 yr
DV01
0.0223
Convexity
6.851
Dirty price
94.021

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 5 of twelve buckets, summing to 2.421 years against a modified duration of 2.372.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 2.28 cents per 100 of face.

That is -0.81 standard deviations from its own typical residual.

Yield to maturity, 1,135 observations

1%2%3%4%5%6%Feb 28, 2022Sep 9, 2026Feb 28, 2022Yield to maturity1.808%Mar 7, 2022Yield to maturity1.765%Mar 14, 2022Yield to maturity2.157%Mar 21, 2022Yield to maturity2.361%Mar 28, 2022Yield to maturity2.549%Apr 4, 2022Yield to maturity2.525%Apr 11, 2022Yield to maturity2.841%Apr 19, 2022Yield to maturity2.948%Apr 26, 2022Yield to maturity2.799%May 3, 2022Yield to maturity3.034%May 10, 2022Yield to maturity2.994%May 17, 2022Yield to maturity2.997%May 24, 2022Yield to maturity2.788%Jun 1, 2022Yield to maturity2.971%Jun 8, 2022Yield to maturity3.049%Jun 15, 2022Yield to maturity3.386%Jun 23, 2022Yield to maturity3.149%Jun 30, 2022Yield to maturity3.021%Jul 8, 2022Yield to maturity3.146%Jul 15, 2022Yield to maturity3.018%Jul 22, 2022Yield to maturity2.842%Jul 29, 2022Yield to maturity2.693%Aug 5, 2022Yield to maturity2.912%Aug 12, 2022Yield to maturity2.932%Aug 19, 2022Yield to maturity3.072%Aug 26, 2022Yield to maturity3.182%Sep 2, 2022Yield to maturity3.316%Sep 12, 2022Yield to maturity3.474%Sep 19, 2022Yield to maturity3.646%Sep 26, 2022Yield to maturity4.102%Oct 3, 2022Yield to maturity3.863%Oct 11, 2022Yield to maturity4.128%Oct 18, 2022Yield to maturity4.189%Oct 25, 2022Yield to maturity4.232%Nov 1, 2022Yield to maturity4.257%Nov 8, 2022Yield to maturity4.295%Nov 16, 2022Yield to maturity3.827%Nov 23, 2022Yield to maturity3.869%Dec 1, 2022Yield to maturity3.658%Dec 8, 2022Yield to maturity3.669%Dec 15, 2022Yield to maturity3.591%Dec 22, 2022Yield to maturity3.795%Dec 30, 2022Yield to maturity3.995%Jan 9, 2023Yield to maturity3.633%Jan 17, 2023Yield to maturity3.609%Jan 24, 2023Yield to maturity3.565%Jan 31, 2023Yield to maturity3.632%Feb 7, 2023Yield to maturity3.803%Feb 14, 2023Yield to maturity3.940%Feb 22, 2023Yield to maturity4.112%Mar 1, 2023Yield to maturity4.221%Mar 8, 2023Yield to maturity4.260%Mar 15, 2023Yield to maturity3.596%Mar 22, 2023Yield to maturity3.595%Mar 29, 2023Yield to maturity3.707%Apr 5, 2023Yield to maturity3.394%Apr 12, 2023Yield to maturity3.486%Apr 19, 2023Yield to maturity3.724%Apr 26, 2023Yield to maturity3.490%May 3, 2023Yield to maturity3.407%May 10, 2023Yield to maturity3.430%May 17, 2023Yield to maturity3.619%May 24, 2023Yield to maturity3.811%Jun 1, 2023Yield to maturity3.733%Jun 8, 2023Yield to maturity3.882%Jun 15, 2023Yield to maturity3.902%Jun 23, 2023Yield to maturity3.977%Jun 30, 2023Yield to maturity4.090%Jul 10, 2023Yield to maturity4.226%Jul 17, 2023Yield to maturity3.998%Jul 24, 2023Yield to maturity4.092%Jul 31, 2023Yield to maturity4.174%Aug 7, 2023Yield to maturity4.175%Aug 14, 2023Yield to maturity4.361%Aug 21, 2023Yield to maturity4.473%Aug 28, 2023Yield to maturity4.391%Sep 5, 2023Yield to maturity4.401%Sep 12, 2023Yield to maturity4.430%Sep 19, 2023Yield to maturity4.537%Sep 26, 2023Yield to maturity4.660%Oct 3, 2023Yield to maturity4.849%Oct 11, 2023Yield to maturity4.637%Oct 18, 2023Yield to maturity4.973%Oct 25, 2023Yield to maturity4.977%Nov 1, 2023Yield to maturity4.738%Nov 8, 2023Yield to maturity4.559%Nov 15, 2023Yield to maturity4.569%Nov 22, 2023Yield to maturity4.478%Nov 30, 2023Yield to maturity4.364%Dec 7, 2023Yield to maturity4.164%Dec 14, 2023Yield to maturity3.951%Dec 21, 2023Yield to maturity3.922%Dec 29, 2023Yield to maturity3.884%Jan 8, 2024Yield to maturity3.999%Jan 16, 2024Yield to maturity3.979%Jan 23, 2024Yield to maturity4.066%Jan 30, 2024Yield to maturity4.023%Feb 6, 2024Yield to maturity4.053%Feb 13, 2024Yield to maturity4.327%Feb 21, 2024Yield to maturity4.322%Feb 28, 2024Yield to maturity4.294%Mar 6, 2024Yield to maturity4.146%Mar 13, 2024Yield to maturity4.214%Mar 20, 2024Yield to maturity4.275%Mar 27, 2024Yield to maturity4.208%Apr 3, 2024Yield to maturity4.361%Apr 10, 2024Yield to maturity4.633%Apr 17, 2024Yield to maturity4.643%Apr 24, 2024Yield to maturity4.685%May 1, 2024Yield to maturity4.672%May 8, 2024Yield to maturity4.533%May 15, 2024Yield to maturity4.379%May 22, 2024Yield to maturity4.491%May 30, 2024Yield to maturity4.605%Jun 6, 2024Yield to maturity4.315%Jun 13, 2024Yield to maturity4.269%Jun 21, 2024Yield to maturity4.299%Jun 28, 2024Yield to maturity4.372%Jul 8, 2024Yield to maturity4.263%Jul 15, 2024Yield to maturity4.153%Jul 22, 2024Yield to maturity4.202%Jul 29, 2024Yield to maturity4.084%Aug 5, 2024Yield to maturity3.642%Aug 12, 2024Yield to maturity3.775%Aug 19, 2024Yield to maturity3.791%Aug 26, 2024Yield to maturity3.695%Sep 3, 2024Yield to maturity3.696%Sep 10, 2024Yield to maturity3.457%Sep 17, 2024Yield to maturity3.471%Sep 24, 2024Yield to maturity3.486%Oct 1, 2024Yield to maturity3.533%Oct 8, 2024Yield to maturity3.889%Oct 16, 2024Yield to maturity3.866%Oct 23, 2024Yield to maturity4.074%Oct 30, 2024Yield to maturity4.159%Nov 6, 2024Yield to maturity4.295%Nov 14, 2024Yield to maturity4.350%Nov 21, 2024Yield to maturity4.326%Nov 29, 2024Yield to maturity4.093%Dec 6, 2024Yield to maturity4.069%Dec 13, 2024Yield to maturity4.268%Dec 20, 2024Yield to maturity4.375%Dec 30, 2024Yield to maturity4.370%Jan 7, 2025Yield to maturity4.445%Jan 14, 2025Yield to maturity4.581%Jan 22, 2025Yield to maturity4.417%Jan 29, 2025Yield to maturity4.339%Feb 5, 2025Yield to maturity4.243%Feb 12, 2025Yield to maturity4.470%Feb 20, 2025Yield to maturity4.330%Feb 27, 2025Yield to maturity4.098%Mar 6, 2025Yield to maturity4.054%Mar 13, 2025Yield to maturity4.010%Mar 20, 2025Yield to maturity3.984%Mar 27, 2025Yield to maturity4.057%Apr 3, 2025Yield to maturity3.722%Apr 10, 2025Yield to maturity3.977%Apr 17, 2025Yield to maturity3.886%Apr 24, 2025Yield to maturity3.868%May 1, 2025Yield to maturity3.748%May 8, 2025Yield to maturity3.943%May 15, 2025Yield to maturity4.018%May 22, 2025Yield to maturity4.038%May 30, 2025Yield to maturity3.921%Jun 6, 2025Yield to maturity4.074%Jun 13, 2025Yield to maturity3.960%Jun 23, 2025Yield to maturity3.838%Jun 30, 2025Yield to maturity3.723%Jul 8, 2025Yield to maturity3.917%Jul 15, 2025Yield to maturity3.976%Jul 22, 2025Yield to maturity3.812%Jul 29, 2025Yield to maturity3.841%Aug 5, 2025Yield to maturity3.704%Aug 12, 2025Yield to maturity3.743%Aug 19, 2025Yield to maturity3.743%Aug 26, 2025Yield to maturity3.664%Sep 3, 2025Yield to maturity3.615%Sep 10, 2025Yield to maturity3.525%Sep 17, 2025Yield to maturity3.544%Sep 24, 2025Yield to maturity3.633%Oct 1, 2025Yield to maturity3.602%Oct 8, 2025Yield to maturity3.642%Oct 16, 2025Yield to maturity3.459%Oct 23, 2025Yield to maturity3.519%Oct 30, 2025Yield to maturity3.642%Nov 6, 2025Yield to maturity3.600%Nov 14, 2025Yield to maturity3.646%Nov 21, 2025Yield to maturity3.529%Dec 1, 2025Yield to maturity3.572%Dec 8, 2025Yield to maturity3.636%Dec 15, 2025Yield to maturity3.592%Dec 22, 2025Yield to maturity3.581%Dec 30, 2025Yield to maturity3.538%Jan 7, 2026Yield to maturity3.550%Jan 14, 2026Yield to maturity3.582%Jan 22, 2026Yield to maturity3.694%Jan 29, 2026Yield to maturity3.638%Feb 5, 2026Yield to maturity3.570%Feb 12, 2026Yield to maturity3.525%Feb 20, 2026Yield to maturity3.517%Feb 27, 2026Yield to maturity3.402%Mar 6, 2026Yield to maturity3.606%Mar 13, 2026Yield to maturity3.756%Mar 20, 2026Yield to maturity3.921%Mar 27, 2026Yield to maturity3.957%Apr 3, 2026Yield to maturity3.887%Apr 10, 2026Yield to maturity3.828%Apr 17, 2026Yield to maturity3.733%Apr 24, 2026Yield to maturity3.805%May 1, 2026Yield to maturity3.915%May 8, 2026Yield to maturity3.929%May 15, 2026Yield to maturity4.141%May 22, 2026Yield to maturity4.184%Jun 1, 2026Yield to maturity4.098%Jun 8, 2026Yield to maturity4.215%Jun 15, 2026Yield to maturity4.103%Jun 23, 2026Yield to maturity4.224%Jun 30, 2026Yield to maturity4.150%Jul 8, 2026Yield to maturity4.234%Jul 15, 2026Yield to maturity4.172%Jul 22, 2026Yield to maturity4.334%Jul 29, 2026Yield to maturity4.285%Aug 5, 2026Yield to maturity4.235%Aug 12, 2026Yield to maturity4.253%Aug 19, 2026Yield to maturity4.230%Aug 26, 2026Yield to maturity4.261%Sep 2, 2026Yield to maturity4.431%Sep 9, 2026Yield to maturity4.479%

Price history

1,135 trading days to Sep 9, 2026

85.087.590.092.595.097.5100.0102.5Feb 28, 2022Sep 9, 2026Feb 28, 2022Close100.438Mar 7, 2022Close100.719Mar 14, 2022Close98.188Mar 21, 2022Close96.906Mar 28, 2022Close95.750Apr 4, 2022Close95.906Apr 11, 2022Close94.000Apr 19, 2022Close93.375Apr 26, 2022Close94.281May 3, 2022Close92.906May 10, 2022Close93.156May 17, 2022Close93.156May 24, 2022Close94.406Jun 1, 2022Close93.344Jun 8, 2022Close92.906Jun 15, 2022Close91.000Jun 23, 2022Close92.375Jun 30, 2022Close93.125Jul 8, 2022Close92.438Jul 15, 2022Close93.188Jul 22, 2022Close94.219Jul 29, 2022Close95.094Aug 5, 2022Close93.844Aug 12, 2022Close93.750Aug 19, 2022Close92.969Aug 26, 2022Close92.375Sep 2, 2022Close91.656Sep 12, 2022Close90.813Sep 19, 2022Close89.906Sep 26, 2022Close87.531Oct 3, 2022Close88.813Oct 11, 2022Close87.469Oct 18, 2022Close87.188Oct 25, 2022Close87.000Nov 1, 2022Close86.906Nov 8, 2022Close86.750Nov 16, 2022Close89.188Nov 23, 2022Close89.000Dec 1, 2022Close90.125Dec 8, 2022Close90.094Dec 15, 2022Close90.531Dec 22, 2022Close89.500Dec 30, 2022Close88.531Jan 9, 2023Close90.406Jan 17, 2023Close90.563Jan 24, 2023Close90.813Jan 31, 2023Close90.500Feb 7, 2023Close89.656Feb 14, 2023Close89.000Feb 22, 2023Close88.188Mar 1, 2023Close87.688Mar 8, 2023Close87.531Mar 15, 2023Close90.844Mar 22, 2023Close90.875Mar 29, 2023Close90.344Apr 5, 2023Close91.938Apr 12, 2023Close91.500Apr 19, 2023Close90.344Apr 26, 2023Close91.531May 3, 2023Close91.969May 10, 2023Close91.875May 17, 2023Close90.969May 24, 2023Close90.063Jun 1, 2023Close90.469Jun 8, 2023Close89.781Jun 15, 2023Close89.719Jun 23, 2023Close89.406Jun 30, 2023Close88.906Jul 10, 2023Close88.313Jul 17, 2023Close89.406Jul 24, 2023Close89.000Jul 31, 2023Close88.656Aug 7, 2023Close88.688Aug 14, 2023Close87.875Aug 21, 2023Close87.406Aug 28, 2023Close87.813Sep 5, 2023Close87.813Sep 12, 2023Close87.719Sep 19, 2023Close87.281Sep 26, 2023Close86.781Oct 3, 2023Close86.000Oct 11, 2023Close86.969Oct 18, 2023Close85.563Oct 25, 2023Close85.594Nov 1, 2023Close86.656Nov 8, 2023Close87.469Nov 15, 2023Close87.469Nov 22, 2023Close87.906Nov 30, 2023Close88.438Dec 7, 2023Close89.344Dec 14, 2023Close90.313Dec 21, 2023Close90.469Dec 29, 2023Close90.688Jan 8, 2024Close90.219Jan 16, 2024Close90.344Jan 23, 2024Close90.000Jan 30, 2024Close90.219Feb 6, 2024Close90.125Feb 13, 2024Close89.000Feb 21, 2024Close89.063Feb 28, 2024Close89.219Mar 6, 2024Close89.875Mar 13, 2024Close89.625Mar 20, 2024Close89.406Mar 27, 2024Close89.719Apr 3, 2024Close89.125Apr 10, 2024Close88.063Apr 17, 2024Close88.063Apr 24, 2024Close87.938May 1, 2024Close88.031May 8, 2024Close88.625May 15, 2024Close89.281May 22, 2024Close88.875May 30, 2024Close88.469Jun 6, 2024Close89.656Jun 13, 2024Close89.875Jun 21, 2024Close89.813Jun 28, 2024Close89.563Jul 8, 2024Close90.031Jul 15, 2024Close90.500Jul 22, 2024Close90.344Jul 29, 2024Close90.844Aug 5, 2024Close92.625Aug 12, 2024Close92.125Aug 19, 2024Close92.094Aug 26, 2024Close92.500Sep 3, 2024Close92.531Sep 10, 2024Close93.500Sep 17, 2024Close93.469Sep 24, 2024Close93.438Oct 1, 2024Close93.281Oct 8, 2024Close91.938Oct 16, 2024Close92.063Oct 23, 2024Close91.313Oct 30, 2024Close91.031Nov 6, 2024Close90.563Nov 14, 2024Close90.406Nov 21, 2024Close90.531Nov 29, 2024Close91.438Dec 6, 2024Close91.563Dec 13, 2024Close90.875Dec 20, 2024Close90.531Dec 30, 2024Close90.594Jan 7, 2025Close90.375Jan 14, 2025Close89.938Jan 22, 2025Close90.563Jan 29, 2025Close90.875Feb 5, 2025Close91.250Feb 12, 2025Close90.500Feb 20, 2025Close91.031Feb 27, 2025Close91.875Mar 6, 2025Close92.063Mar 13, 2025Close92.250Mar 20, 2025Close92.375Mar 27, 2025Close92.156Apr 3, 2025Close93.344Apr 10, 2025Close92.500Apr 17, 2025Close92.844Apr 24, 2025Close92.938May 1, 2025Close93.375May 8, 2025Close92.750May 15, 2025Close92.531May 22, 2025Close92.500May 30, 2025Close92.938Jun 6, 2025Close92.469Jun 13, 2025Close92.875Jun 23, 2025Close93.313Jun 30, 2025Close93.719Jul 8, 2025Close93.125Jul 15, 2025Close92.969Jul 22, 2025Close93.531Jul 29, 2025Close93.469Aug 5, 2025Close93.938Aug 12, 2025Close93.844Aug 19, 2025Close93.875Aug 26, 2025Close94.156Sep 3, 2025Close94.344Sep 10, 2025Close94.656Sep 17, 2025Close94.625Sep 24, 2025Close94.375Oct 1, 2025Close94.500Oct 8, 2025Close94.406Oct 16, 2025Close95.000Oct 23, 2025Close94.844Oct 30, 2025Close94.500Nov 6, 2025Close94.656Nov 14, 2025Close94.563Nov 21, 2025Close94.938Dec 1, 2025Close94.844Dec 8, 2025Close94.688Dec 15, 2025Close94.844Dec 22, 2025Close94.906Dec 30, 2025Close95.063Jan 7, 2026Close95.063Jan 14, 2026Close95.000Jan 22, 2026Close94.719Jan 29, 2026Close94.906Feb 5, 2026Close95.125Feb 12, 2026Close95.281Feb 20, 2026Close95.344Feb 27, 2026Close95.688Mar 6, 2026Close95.156Mar 13, 2026Close94.781Mar 20, 2026Close94.375Mar 27, 2026Close94.313Apr 3, 2026Close94.531Apr 10, 2026Close94.719Apr 17, 2026Close95.000Apr 24, 2026Close94.844May 1, 2026Close94.594May 8, 2026Close94.594May 15, 2026Close94.094May 22, 2026Close94.031Jun 1, 2026Close94.281Jun 8, 2026Close94.031Jun 15, 2026Close94.344Jun 23, 2026Close94.094Jun 30, 2026Close94.313Jul 8, 2026Close94.156Jul 15, 2026Close94.344Jul 22, 2026Close94.000Jul 29, 2026Close94.156Aug 5, 2026Close94.313Aug 12, 2026Close94.313Aug 19, 2026Close94.406Aug 26, 2026Close94.375Sep 2, 2026Close94.031Sep 9, 2026Close93.969
The most recent 20 trading days of prices for 91282CEB3.
DateBidOfferClose
Sep 9, 202694.00093.96993.969
Sep 8, 202694.07894.06394.031
Sep 4, 202694.10994.09494.063
Sep 3, 202694.18894.15694.125
Sep 2, 202694.04794.03194.031
Sep 1, 202694.07894.06394.031
Aug 31, 202694.14194.12594.125
Aug 28, 202694.18894.15694.094
Aug 27, 202694.40694.37594.344
Aug 26, 202694.39194.37594.375
Aug 25, 202694.42294.40694.406
Aug 24, 202694.35994.34494.313
Aug 21, 202694.29794.28194.281
Aug 20, 202694.39194.37594.375
Aug 19, 202694.39194.37594.406
Aug 18, 202694.42294.40694.375
Aug 17, 202694.42294.40694.375
Aug 14, 202694.45394.43894.406
Aug 13, 202694.45394.43894.469
Aug 12, 202694.35994.34494.313

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 91282CEB3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 24, 2022Feb 28, 2022New issue$50.0bn$58.6bn2.36x1.905%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.